Abstract
This HUD NSP Policy Alert is intended for NSP1 and NSP2 seeking information on how the Dodd-Frank Wall Street Reform and Consumer Protection Act (Publ. L 111-203) amends the 25 percent set-aside requirement. Public Law 111-203 amends this requirement by removing the restriction that allows only abandoned or foreclosed upon homes or residential properties to be used to meet this requirement. Grantees may now use vacant or demolished property to meet the set-aside as well. This language also allows non-residential property to be used if the project is undertaken under Eligible Use E, though such sites might require rezoning to allow the development of housing. In addition, the new law states that this new flexibility “shall apply with respect to any unexpended or unobligated balances, including recaptured and reallocated funds made available” under the NSP1 and NSP2 enabling legislation. Current grantees that are developing housing for families with incomes below 50% of area median income on land that was not foreclosed or abandoned residential property may now be able to claim set-aside credit for some or all of those costs.
This NSP Policy Alert was previously labeled as NSP Policy Alert Volume 10.
- July 2010
- NSP-1 Grantees
- NSP-2 Grantees
- 25% Set Aside
- HUD-approved
- U.S. Department of Housing and Urban Development
- U.S. Department of Housing and Urban Development
- HUD Guidance
- NSP Policy Alert
- 25% set-aside; HUD NSP Policy Alert
Related FAQs
| There are no related FAQs
|
Recently Viewed Items
| You have no recently viewed items
|
Resource Detail
share
print
